Maple Granola and the Observer
56Silence...
Good morning breakfastpoppers. Today is Thursday, November 3, 2011. Scotty, the Observer, is contemplating a visit back home to his planet. Frankly, I think he is growing tired of our behavior and he is longing to spend some time on a planet where common sense reigns supreme. Please come over to my house and let Scotty tell us his thoughts about something he has observed. Perhaps just being with us will weaken his resolve to depart.
Let's prepare some homemade cereal for Scotty, just the way his mother did. This morning we will be creating Maple Granola. For 8 servings (7 of which are Scotty's) you will need 10 cups of rolled oats, 1 teaspoon salt and 1 and 1/4 cup real maple syrup. Preheat your oven to 350 degrees. In a large bowl, stir ingredients together until the oats are evenly coated. Spread everything out on a large cookie sheet and bake for 30 minutes. Stir it around every 5 minutes. Under normal circumstances I would tell you to store the cereal in an airtight container to keep its crunch. Nothing about Scotty's appetite is normal, so bring all of it over to my place. I'll supply the milk for the cereal and Bloody Mary's for the part of breakfast we all like the best. See you soon.
Welcome, my beloved earthling friends. No doubt, POP has told you about my desire to return home to my planet. I love you all dearly, but honestly, it is difficult to sit by and observe your nation falling apart. Nothing you do makes any sense. Nothing you do solves anything. Your Congress is failing you and your president is doing the same.
Let me give you one example of something that is really bothering me now. The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, has approved $12.79 million in bonus pay after 10 executives met extremely modest performance targets.
The bonuses come only two years after the federally backed mortgage corporations received $170 billion in taxpayer money. All of this comes on the heels of watching your president take on the so-called "fat-cats" on Wall Street. I have been listening for some sign that President Obama is disgusted with Fannie and Freddie, but so far the silence is deafening.
The compensation comes in piles of cash because their stock is worthless. As you say on your planet what a nice "chunk of change" for performing in a mediocre fashion. First they give out loans to people who didn't qualify and now they reap in millions for themselves. Nice work if you can get it.
This is yet another example of what happens when government extends their reach too far. Fannie and Freddie have performed dismally. Not only do their executives not deserve to be rewarded, Frannie and Freddie do not deserve to exist.
Now that I am surrounded by my friends who want to see this nation's problems solved once and for all, I realize that I can't leave you in this mess. You need me and I need to see this through. I have decided to stay on. Please may I have a Bloody Mary to celebrate my decision and dull the pain of watching a great nation destroy itself from within...NA, NU, NA, NU...SCOTTY...NU, NA, NU, NA...POP.
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Good morning Tom,
If these guys are "talent" we are in worse trouble than I thought. Forget the bonuses and let them go. Better yet let Fannie and Freddie go. They started the problem and they continue to be the problem. See you at the Inn. No one allowed in who is named Fannie or Freddie!
You know, Pop, this goes to something that I've been chastised by my fellow conservatives for forever, and that's been my dislike for the ENTIRE way that our CEOs in our corporatations are paid, and the disparity between the line worker and the guy at the top, and the problems that causes. CEOs are NEVER paid for what they truly contribute to a corporation. If you added it all up they get paid whether or not a stock performs, whether or not the company performs, or even whether or not they actually do their job. They get exorbitant raises, sometimes 10%-12% while the guy on the line gets lucky if he gets 2% these days. They get pensions even though line workers do not. They get paid to get fired for breaking rules or poor performance while line workers have to fight tooth and nail to get an unemployment check after being fired for wrongdoing. I know this is somewhat out of context with your hub and the point of it. But MY point is simply that this really has nothing to do with Fannie or Freddie. This is business as usual when it comes to CEOs getting paid too much money at the expense of everybody else.
Again, it's not capitalism bashing. It's not rich people bashing. It's just one area where things are not right, and the only people who can right this, or that SHOULD right this, are the people who sit on the boards of these companies. They need to fundamentally understand that something is not right with the entire concept of compensation, and that pay for performance (which is the constant argument for the top echelon) works both ways. Excellence is not the result of a title. It's the result of a personal commitment to be successful and make an hobest contribution. A person on the line can be that as well, and corporations should spend more time recognizing that this works both ways. By the way, when you already make tens of millions of dollars a year, you don't need bonuses to be incentivized to work hard and do your job. As my boss often likes to tell me, "that's what your paycheck is for." Really? I ask. Then why don't the guys at the top understand that concept when it comes to what they get paid for?
I'll ramble out now. :)
Good morning Springboard,
Not all corporations are like the ones you describe. There are actually are companies that tie bonuses to performance. There are companies whose CEO's take less when the company isn't performing. These are private sector companies and I pray the day never comes when the government starts telling private sector companies how to run their businesses. But Fannie and Freddie are different. They received our bailout money, performed miserably and are being rewarded with our money. By the way I feel the same way about any private company that took bailout money from the government. It's our money and not the government's to squander. See you at the Inn and we'll talk some more.
fannie and Freddie forced mortgage brokers to give mortgages to unqualified borrowers under threat of putting these brokers out of business. So, Fannie and Freddie screwed up and screwed up the housing market and continue to reap rewards. I also believe that they are still giving mortgages to unqualified borrowers. While I do believe that a bonus is part of a person's compensation, certain performance levels have to be met. If they are not met, no bonus. There is another interesting factoid here. Scotty's mother made him oatmeal? There is oatmeal on his planet? Scotty, come to the bar later. I want to know more about your planet. BARTENDER...........
Dear taxlarry,
Thank you for pointing out that I got my millions and billions screwed up. Let's blame Obama for that! As for Fannie and Freddie screwing up, they did that big time. Wasn't it Clinton who started the ball rolling with his belief that every single person deserved home ownership? Look where that got us. As for Scotty and homemade cereal, yes they have oatmeal on his planet. They are very advanced. See you at the Inn.
Morning POP...This is nothing new...Millions in performance compensation were meted out to James Johnson, Franklin Raines, Jamie Gorelick, and others who were at Fannie Mae in years past...The millions they received makes this round of bonuses look like peanuts.
American taxpayers are now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, but that is just the tip of the iceberg. According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further the cost to the taxpayer could hit as much as $1 trillion. That's not chump change...that is a deep slash on an American economy that is dying the death of a thousand cuts, slowly, and wholly unreported by the media...They would much prefer focusing on Cain's travails...
See you at the tavern, Pop...Lets form our own OWS movement, only change it to OFF, for Occupy Fannie and Freddie...Larry
Dear maven,
So happy to see you at the breakfast table and very happy to hear your thoughts. I agree, maven, it's an old, sad story that keeps on adding chapters at taxpayer's expense. Enough is enough. see you at the Inn.
POP: I heard that Obama approved these bonuse. He adds to the millionaires he says he wants to tax more, and then talks that they make too much. Hasn't anyone figures that out yet? speaking out of both sides of his mouth is something he does, and the MSM continues to bless him and his every word. Working for corporate America (private sector) I have often received bonuses, and worked hard for them. They were based on results and if I didn't meet the goals, no bonus. These Freddie and Fannie execs should be ashamed of themselves; Obama should cut their bonus by 90% and if they leave, so be it! It's my tax money and I don't want it to be spent in this way. Someone should go to Wall Street and tell these protestors to get to Washington and protest in front of the WH for adding to the class warfare that Obama says he hates. I'm off to the bar. I'll buy tonight - Scotty is staying, and we need to celebrate.."Lady Liberty in a Thong" for everyone. Save me a seat....
Good morning Pino,
It's outrageous!! No one in their right mind can go to Wall Street. I just saw a reporter asking a guy a question. The reporter was asked if he wanted a pen stuck in his neck! Freddie and Fannie need to go the way of the dial up phone. Better yet they need to go the way of Madoff. See you at the Inn. Let me get this straight, are you wearing a thong or is it a drink? Inquiring minds want to know. Talk to you later at the Inn.
Scotty
The average age of the world's greatest civilizations from the beginning of history, has been about 200 years. During those 200 years, these nations always
progressed through the following sequence:
From bondage to spiritual faith;
From spiritual faith to great courage;
From courage to liberty;
From liberty to abundance;
From abundance to complacency;
From complacency to apathy;
From apathy to dependence;
From dependence back into bondage."
A democracy is always temporary in nature; it simply cannot exist as a
permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates
who promise the most benefits from the public treasury, with the result that every democracy will finally collapse over loose fiscal policy, (which is) always followed
by a dictatorship."
Sorry Scotty but perhaps it’s time you returned home while you still can!!!
$12.79 million in bonus pay... That is incredibly bad to reward failure in this way. As a late-1960s Russian newspaper's headlines on every page once read, "The People Are Angry."
Dear Patriot,
Forget about Scotty,. I've got to get out of here! See you at the Inn. I'll leave from there.
Dear Patty,
Yes, the people are angry and the government is happy. See you at the Inn.
Fannie and Freddie are both the invention of Democrats, and they are quasi-private to cover up the fact that they are actually government socialist nightmares, created to place people in houses they could not afford, in exchange for votes.
They are directly responsible for, and facilitated, the financial failures, the greed, the housing bubble, the subsequent meltdown, and the misery we face today, yet somehow, they escaped the blame!
Barney Frank and Chris Dodd should both have been frogmarched off to prison, along with the Freddie-Fannie executives and half the Democrats in Congress.
Dear Will,
I agree and all I have to say is, it's not too late too march them all off where they belong. I am so sick of the hypocrisy, the lying, the cover-ups and the stupidity. I am heading for the Inn.
Hi, bp - Fannie and Freddie execs get bonuses for their talent? Talent??? Isn't that another word for bribes? If other corporations had that sort of talent, they would soon be out of business.
Dear drbj,
In this case "talent" is one of those catch words for " do nothing gimmes". Fannie and Freddie need to say bye bye!
Pop, oh no, don't take me the wrong way. In a hub I wrote a while back titled, "A Survey Serves As Another Reminder of Buy American," I said the following:
"I believe in the free markets as most of my fellow conservatives do, and I believe in the power of profit to encourage people to earn more and be productive. I think globalization and the idea of a robust global economy is important not only to our nation, but to the world. What I am speaking to, and what I have in the past spoken to in this argument is balance. We have to have a balance of what we produce and sell here and abroad, and what we import into our country. Otherwise the average American loses the opportunity that should be afforded to him if all the elements of a balanced system of commerce are in good working order.
But, and this is a huge but, this only works if it happens out of a natural process, and that natural process is the will of the free market. You cannot allow government to force companies to pay benefits and higher wages. You cannot allow government to force how we import and export goods in and out of the country. You cannot allow governments to find ways to artificially create the balance I'm referring to. Instead, Americans just like you and I need to be proactively engaged in that free market system, allowing supply and demand to work all on its own to dictate how things go, and who gets what and how much."
Bottom line is that you are right. Governments should NOT have their hands in these things. My only point was that CEOs get paid too much money and the hard working people who keep the wheels turning in these corporations get paid too little money. I am FOR capitalism 100%. But I'm only for capitalism that works. I think our system is a little bit broken, and I've pointed at the numbers in several former hubs I've written on the subject. Workers have, over the years, gotten very little, and have given up a LOT while CEOs have seen their paychecks rise, and rise, and rise some more. It says to me that the cost of labor really is an argument, but only one that is convenient for hiding the reality.
At the end of the day it all simply means that WE, you and I, the workers, AND the consumers need to send clear messages about what we need, and about what we want. Corporations KNOW they have to listen. We're their bread and butter on both ends of the spectrum. If we don't make what they want to sell, and if we don't buy what they're selling, the CEOs and boards will have to do things to incentivize people again.
I know it SOUNDS sometimes like I'm a protectionist. I know it sounds sometimes like I'm anti-corporation. I'm in no way either of those things. I simply think that most people's idea of how it works, and how it should work is oversimplified. It's a much more complex dynamic that rolls the wheels, but WE are in the driver's seat, and what we get is what we ALLOW ourselves to get. The only reason the CEOs are doing what they are doing is because we are telling them they CAN. That's the message we're sending. Again, I'm not asking the government to do anything but get out of the way. But if Americans want to continue working for low wages, no benefits, and no pensions while the CEOs get all the fruits of the labor, then have at it. That's the free market. We are free to screw ourselves out of its benefits as well as we are free to get something out of it.
BTW, sorry for taking up so much space here. This is practically a hub! :)
Dear Springboard, My view of the corporations is a bit different from my experience. Yes, the guys at the top make the big bucks, but I don't begrudge them that. Everyone has the chance to rise up, earn more money by working hard. Corporations provide, health benefits, match 401k's and give bonuses and many of them still offer pensions. The government should consider these things when they raise taxes and impose all sorts of regulations that make it harder to do business. The end result is that the workers lose. Obamacare is a perfect example of that. My daughter works for a corporation and was able to get her Master's Degree on their dime. The smarter she gets the more the company benefits. I guess what I am trying to say is that "capitalism done right" is a beautiful thing and the only thing that succeeds in the long run.
I agree it still requires hard work and NOBODY should be sitting on their duffs not doing their own part to right their own situations. For example, I may not think the pay I get is what I'm worth. I may not think that my benefits are good enough. I won't get a pension from my current employer. Still I know and realize that this is the here and now. This is what it is. I have choices. One of those choices is of course to take care of my own needs to the very best of my ability rather than look for anyone else to look after them for me. I can live frugally and smartly, invest my money, and SPEND my money according to my ideals—for example, spending locally and supporting small business and therefore in a small way invigorating competition. Competition is the way we'll all get to higher wages, better benefits, and even perhaps get back to getting some form of a pension from our employers. 401ks notwithstanding, of course.
Giving some market share back to the little guy is important, ESPECIALLY when he also happens to be the biggest job creator, no? The more pressure he puts on the big guy for market share and TALENT from employees, the more the bigger guy has to pony up.
Empowerment is everything. But it's something we have to do for ourselves. No one can empower us, only we can do that is the bottom line.
There's no doubt in my mind that over the years American workers have been sold out. But that's not an excuse, IMO, for failure. Being empowered through personal responsibility is key in righting that, like I said. I work for my current employer not because I HAVE to, but because I want to right now. I can afford to leave if I want because I've done my own planning, and have the means to take care of myself.
I think you're spot on when you say, "capitalism done right is a beautiful thing and the only thing that succeeds in the long run." It's important for all Americans to understand that where we are is where we allow ourselves to be (sorry to beat a dead horse). Our positions in life are largely of our own design. Where we wind up is a result of the effort we put in and the choices we make. It's a tough world. Things aren't always fair. CEOs get paid too much and the workers get paid too little. But one thing that stands true is that opportunities have never gone away to level out things on our own ends. That's remained intact.
Dear Springboard,
Bravo! You should print this commentary and hand it out to the protesters on Wall Street.
They'd probably use it for toilet paper. lol. BTW, can they even read? Okay, maybe that's a bit mean. Still...
Dear Springboard,
I have a feeling that that is where their brains are. Sitting on it is good!!!
“If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” – Samuel Adams
As for me personally they'll find my dead body knee deep in a pile of empty brass after I have expended every round I own fighting their country killing stupidity and standing up for the REAL American Principles and Values.
Http://dragonlaffs.com
Good morning Lethal Leprechaun,
Sorry for taking so long to get back to you, but I have been on vacation. I'm back now and will be "serving breakfast" again on Monday. Samuel Adams had it right and so do you!
Tom Whitworth Level 5 Commenter 6 months ago
Pop and Scotty,
Great observations once again. Scotty we would be lost without you but if you must return home please think of us. The Fanny and Freddy executives are "private" talent according to the Obama administration and must be compensated well or they will return to the private sector and resume their lives as Fat Cats!!!!!!